Guide to A Level Economics
Economics is a popular and well regarded A Level in the UK. But what does A Level Economics involve, how difficult is it, and how can you achieve top grades?
How hard is A Level Economics?
Many students find economics challenging as it demands a wide range of skills such as data analysis, diagram interpretation, and essay-based evaluation. Furthermore, students must perform calculations and assessments under timed conditions as the course is assessed entirely through exams rather than coursework.
But, if the mathematical aspect of economics concerns you, don’t be put off. Most schools only require economics students to have achieved a grade 4 in GCSE Maths. While data analysis is a key component of economics courses, the level of mathematical proficiency needed typically does not extend beyond basic arithmetic.
Simply Learning Tuition offers specialist tutors which can help students in all aspects of the syllabus that they may find challenging, right up until the exam. With the right support, this A-level is greatly rewarding. Not only because it is widely deemed as a respectable qualification, but also because the syllabus relates closely to current affairs. This means that, despite being challenging, this subject can be highly engaging.
How to revise for A Level Economics
Economics is a challenging subject; however, with the right preparation, students can find it incredibly rewarding. Here are some useful tips to guide your revision:
Structured revision: Ensure that you focus your revision on topics that you are weaker on, this may mean spending less time on the ones that you enjoy. However, by structuring your revision and devoting time strategically, you will feel more confident going into the exam. This also helps you to break down the workload into manageable chunks and stop you from feeling overwhelmed in exam season.
Active learning: Avoid passively reading your notes in the hope that information will embed itself into your brain by some divine osmosis. Instead, create revision resources such as mind-maps, flashcards for key terms, and visual aides such as diagrams that will help you to remember key concepts. Another good way of actively engaging with syllabus content is to teach elements to friends and family. You may want to coordinate revision sessions with classmates to help each other as well.
Exam practice: One of the most effective forms of learning material and achieving higher grades is to drill exam technique into your revision schedule. This includes going over past papers, trying for the most part to carry these out in timed conditions – mimicking the environment of the exam hall. This helps you to gauge how long each section will take and fine-tunes your time-management skills. After completing each past paper, consult their corresponding mark schemes and examiner reports so that you can improve before starting the next one.
Wider reading: High achieving students will also make an effort to stay informed about international economic trends and seek out articles that interest them from reliable news sources such as the Guardian or the Financial Times or The Economist. This will reflect well in exam answers and display a genuine interest.
Click here to read more useful tips from SLT to help you revise effectively.
Grade boundaries for A level Economics
Grade boundaries for economics vary slightly each year depending on exam papers and how well students across the UK were able to tackle them. Looking at past years grade boundaries will however give you an insight into what they will likely be like for your year. These will be available on the official website of your exam board and are free to access. Below is a list 2024 grade boundaries from the most common exam boards:
Different exam boards
For the most part, A Level Economics syllabuses will include microeconomics, macroeconomics as well as topics such as markets and market failure, price determination, production and the role of politics and government intervention. However, depending on what exam board you use, the weighting of themes may be slightly different. For example, AQA’s specification has a keen focus on real-world applications of economics whereas Edexcel is more traditional in its attention to theoretical concepts. OCR pays more attention to analytical skills articulated through more thematic essays instead of so many numerical questions.
Learning resources for A Level Economics students
Microeconomics learning resources:
- Utility
- Indifference curves and budget lines
- Efficiency and market failure
- Private costs and benefits, externalities and social costs and benefits
- Types of cost, revenue and profit, short-run and long-run production
- Market structures
- Growth and survival of firms
- Differing objectives of firms
Macroeconomics learning resources:
- Fiscal policy
- The circular flow of income
- Economic growth and sustainability
- Employment/unemployment
- Money and banking
- Quantitative easing
- Multiplier effect
For some relaxed revision, also see ‘Madoff: The Monster of Wall Street’ on Netflix
Government intervention
- Monetary policy
- Subsidy diagram
- Import quotas
- Tariff diagrams
- Supply side policies
- Government failure
International economic issues
Which is better A Level Business or Economics?
Both business and economics are respectable A Levels and are very compatible to take together; however, many universities, and particularly Russell Group universities, are more impressed by a diverse variety of subjects so it may be wise to consider taking one or the other.
Neither subject is necessarily “better”. A Level Business is more exclusively focused on practical aspects such as management and strategic decision making whereas A Level Economics addresses aspects of businesses whilst also exploring more theoretical topics. As a result, it is widely considered more rigorous. But this should not determine which you chose, it is advisable to select whichever subject better suits your career aspirations and interests. Furthermore, it is worth also considering choosing mathematics if you are intending to study economics at university level as this is a requirement of many admissions teams.
Career paths relating to A Level Economics
The study of economics is incredibly varied, ranging from mathematical analysis to broader discussions on human circumstance including global poverty, environmental degradation and gender equality. As a result, an A Level in Economics is applicable to a whole spectrum of career paths. It is directly related to economics and finance careers such as accountancy, banking, data or investment analysis and statistics. However, others who have studied economics go onto careers such as working in the civil service, diplomacy, journalism, government and management consultancy.
Frequently Asked Questions
Is A Level Economics very hard?
A Level Economics need not be difficult. If you devote the right amount of time to preparing for exams, and manage your workload consistently over the two year course, you will develop a greater understanding of tricky concepts. Experienced tutors at Simply Learning Tuition are also on hand to help, providing personalised one-to-one sessions during which students can work on areas that they find challenging and build their academic confidence.
What is included in A Level in Economics?
In most exam board syllabuses, students will begin by learning macro and microeconomic issues such as utility, efficiency and market failure, fiscal policy, banking, growth and unemployment. Following this, attention is drawn to government intervention and the role of policy in either crashing the economy or keeping it afloat. Finally, all syllabuses have a segment on international economic issues such as balance of payments and globalisation.
To see specific content covered by your exam board, please see below:
Is Economics a respectable A Level?
Yes. Economics is on par with subjects such as chemistry or geography in its academic rigour. It demonstrates proficiency in critical understanding, skill with numbers and economic awareness. If you are applying to study economics at university, it may be worth pairing it with maths as this is often required for more competitive courses. However, it is worth checking the specific requirements of the university courses you are interested in.
Is Economics a soft A Level?
No. An A Level in Economics is a respectable qualification to move forward to further education with. A good grade in this subject will show universities that you are capable of mastering complex concepts and have developed critical thinking and analytical skills.
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